Hello Jack, in Texas I find a lot of investors using the Subject 2 method, especially with FHA properties where they are at or under water on their mortgage, but most of the mortgage rates are under 4%.

Title should check to make sure there is no one else that might have a claim to the property if it's in a strange arrangement. 

Quote from @Shivani Kumar: Quote from @Patrick Roberts: For Conventional, there are two basic ways that income is evaluated - properties being placed into service (such as a new property being purchased), and properties already in service.

I would most likely be interested in renting out multi-family units and would have to use a property management company, since I live outside of Chicago. 

I’m currently under contract on a mixed-use property that is zoned for CB (Commercial Business).

I'm trying to learn as much as possible to fix and flip single family properties.

If we can find an investor to help us obtain the property, we have no problems in paying the mortgage just as we've been paying the owner of the property's mortgage for 11 years.

Is this common in the Chicago market or markets with high property tax? 

Jerome Powell announced a few weeks ago that the time has come for the Fed to cut rates, and we are expecting to hear that announcement in the next Fed meeting on September 17-18.

Also - does anyone have any General Contractors they have had a good experience working with for rehabbing properties that are old / decayed?